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Old 28th November 2016, 15:45   #1921
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I am in the process of selling my apartment. This the first time I am selling a property and want to deal everything in white and done legally. As I planning to purchase another property I will be using the proceeds for that in form of LTCG. I have a few questions.

1. The buyer is also not much aware of the property transactions. I told him the legal way of transaction is to register the property at the full market value. He still is being told by others that he can register it at Govt. value (thereby reducing the stamp duty) and the difference between registered value and market value can be paid by another check. If he pays like that can the difference be still shown as part of long term capital gain by me?

2. The builder had registered at Govt. value when I purchased and had got the cheque from bank for the difference amount. Now will the capital gains tax for me be computed on the difference on the market value when I purchased and the value as in sale deed when I sell now? Or is LTCG calculated on the difference in the registered values when I bought and the one that will be registered now?

Last edited by AltoLXI : 28th November 2016 at 15:47. Reason: Minor changes for clarity
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Old 28th November 2016, 15:49   #1922
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I was looking to buy a house in noida to rent out now for about 3 months. A flat I saw went for 60 Lacs + registration was available post nov 8 for 46.5 L all inclusive.
I am shocked!!
And as per people I meet in the ministries, it is STILL not a good time to buy. They are set to come down much further. These same guys indicate close to the circle rates....Shocked!
Can any experts comment if this holds any water?
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Old 28th November 2016, 19:04   #1923
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Originally Posted by AltoLXI View Post
I am in the process of selling my apartment.

Or is LTCG calculated on the difference in the registered values when I bought and the one that will be registered now?
I have not sold any apartment as yet, but what I know from my circle is that the LTCG will be calculated on the difference between the registered values.

The authorities do not or need not know what were the actual values like.

On a completely different note and without trying to offend anyone here - this is how we end up injecting black money into the system. By undervaluing our sales/purchases to save on tax. Its sad that most of our purchases are with hard earned (white) money which gets converted to black during the transaction.
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Old 28th November 2016, 19:06   #1924
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These same guys indicate close to the circle rates....Shocked!
Don't understand, what do you mean?

If its about the circle rate, market rate today is very much at par with the circle rate in Noida. All good established societies of Noida wouldn't have too much of an impact simply because the circle rates are already high.

Plots in Noida would be impacted, so would the luxury segment but not the old established resale cases. For a good resale apartment, its going to be a case based scenario rather than the norm.

For everything else in Noida, its more of a market sentiment than anything else. With home loan rates going down the LIG & MIG segment would pick up in my opinion (which many might not agree to) but even that is 12-18 months away at minimum.

As of now, a middle class guy is scared to do anything let alone put all his savings in property.
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Can any experts comment if this holds any water?
I'm assuming you aren't looking at resale but something fresh off the builder's plate (sector 7x in Noida maybe). In that case, there is absolutely no set price and everything depends on your negotiation skills.

Please don't make the mistake of checking rates at property portals as all of that is run by brokers and builders. Those rates mean absolutely nothing!

Lastly, if you aren't going to be an end-user then its a bad time for investment. People are trying to pull out of their investments with losses at this stage and you are better off with a below average mutual fund instead of buying an apartment in Noida.

Delhi & Gurgaon are the markets to buy property in today, not Noida.
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Old 29th November 2016, 09:54   #1925
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Don't understand, what do you mean?

If its about the circle rate, market rate today is very much at par with the circle rate in Noida. All good established societies of Noida wouldn't have too much of an impact simply because the circle rates are already high.

Plots in Noida would be impacted, so would the luxury segment but not the old established resale cases. For a good resale apartment, its going to be a case based scenario rather than the norm.

For everything else in Noida, its more of a market sentiment than anything else. With home loan rates going down the LIG & MIG segment would pick up in my opinion (which many might not agree to) but even that is 12-18 months away at minimum.

As of now, a middle class guy is scared to do anything let alone put all his savings in property.

I'm assuming you aren't looking at resale but something fresh off the builder's plate (sector 7x in Noida maybe). In that case, there is absolutely no set price and everything depends on your negotiation skills.

Please don't make the mistake of checking rates at property portals as all of that is run by brokers and builders. Those rates mean absolutely nothing!

Lastly, if you aren't going to be an end-user then its a bad time for investment. People are trying to pull out of their investments with losses at this stage and you are better off with a below average mutual fund instead of buying an apartment in Noida.

Delhi & Gurgaon are the markets to buy property in today, not Noida.
Thanks!
This is only from a reinvesting point. I understand that it may not be a good time to do that, but the money is from the sale of another house so there is a time period before losing part of it, yes?
I am not going to be staying here, it will be rented out. It is a ready to move in property. Is there any sense in trying to be too careful and play the waiting game? I am talking to about a 2bhk in sector 76.
PS: I am not one to shuffle houses for the gains. This is a long term buy. The previous house had to be let go since it was in pune and after 14 years, it was becoming a headache to coordinate about the rent and maintenance and everything.

Last edited by mayankk : 29th November 2016 at 09:55.
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Old 29th November 2016, 15:01   #1926
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This is a long term buy. The previous house had to be let go since it was in pune and after 14 years, it was becoming a headache to coordinate about the rent and maintenance and everything.
Buy a plot instead. Since you'd be invested for long term, an apartment in 7x sector would be the last thing I'd recommend.

Plot rates have already taken a hit and anybody who can buy land at this time should. Look for desperate deals since you have the advantage of time and you can be a proud owner of land instead of these dime a dozen concrete igloos.
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Old 29th November 2016, 19:50   #1927
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Who are the good builders in Bangalore?
I know about Sobha, Prestige, Brigade and Embassy to be in the top tier. Are there any others?
The problem with Prestige is the quality of construction. I live in Prestige Shantiniketan (on rent) but the construction quality is terrible.
I've been hunting for apartments for a while but nothing's satisfied me.
Try VBHC Serene Town in Kannamangala, Whitefield. Quality is top notch!
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Old 29th November 2016, 23:29   #1928
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Originally Posted by AltoLXI View Post
I am in the process of selling my apartment. This the first time I am selling a property and want to deal everything in white and done legally. As I planning to purchase another property I will be using the proceeds for that in form of LTCG. I have a few questions.
1. That will not be a clean Transaction, as a buyer I think it is ok for him. But the seller is at risk unless you show the complete sale proceeds.

2. It all depends on what you showed in your accounts that you filed. If you have paid the Black portion also in cheque and the transaction was done recently, would suggest speak to a CA and weigh different options available as you might be able to file a revised return for that year and reduce LTCG
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Old 30th November 2016, 16:21   #1929
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We are planning to buy a semi-detached house in Secunderabad. In order to negotiate with the seller, we need to obtain a rough idea of the value of the house.

I understand that there are websites that provide such rough estimates based on information uploaded. Would any one be able to provide me with the names of these websites?

Also, can some members from Hyderabad/Secunderabad PM me the names of lawyers who could draft an agreement of sale?
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Old 2nd December 2016, 11:59   #1930
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The problem with Prestige is the quality of construction. I live in Prestige Shantiniketan (on rent) but the construction quality is terrible.
I've been hunting for apartments for a while but nothing's satisfied me.
I've been hearing the same thing about Prestige over and over again!

Could you help me understand a bit more as I'm in discussions with a seller regarding a flat in a Prestige property?

Your inputs would go a long way, although I'm myself convinced that so many people who say the same thing can't be wrong. Not that other builders are much better, but this feedback on Prestige is almost unanimous.
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Old 2nd December 2016, 16:10   #1931
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I've been hearing the same thing about Prestige over and over again!

Could you help me understand a bit more as I'm in discussions with a seller regarding a flat in a Prestige property?

Your inputs would go a long way, although I'm myself convinced that so many people who say the same thing can't be wrong. Not that other builders are much better, but this feedback on Prestige is almost unanimous.
So Prestige have very good designs and good open spaces/amenities. So we're still considering them. But their construction quality can be very different between their own apartments.
Prestige Shantiniketan is terrible, the edges of the walls at the windows and the space b/w the wall to windows aren't even in a straight line. It's curved and messed up, almost everywhere. This is the case at least in my apartment.

My cousin bought a prestige apartment in Chennai. The place where they're supposed to make a hole for the AC has the pillar beam running through it. It's not as per the plan. L&T did the construction there, but they sub contracted it and didn't supervise well I guess. Oh, and he had issues with water leakage from the top, although he stays at the first floor! That's pretty bad. They did fix it.
He also mentioned issues with their assignment of car parking; they (supposedly) sold more parking than they had. I guess this means they might create parking spots in other common areas. Possible.

I also looked at Prestige Silver Sun. The apartment for sale had closed balconies i.e the balconies was a closed wall, not the metal grill so it looks horrible and blocks light. It's an error because only 2 apartments have this issue and they remain unsold. These are visible errors I'm aware of.

Someone else mentioned issues with the quality while making holes in their walls for furniture or fittings at some Prestige apartment (I can't remember).

I've heard good things about Bougainvillea and their villas in general.
They have good designs, and good amenities. I also hear they're better than Brigade as far as quality is concerned. So we're still considering Prestige but I do what little I can to check the quality. Some elements, I may only find out when I start living there.

Nothing seemed as bad as Shantiniketan though, the construction quality was very poor, plus they have design issues. But I'd still buy a Prestige apartment if I like it, and after a good inspection.
Overall, the construction quality seemed to vary between different Prestige apartments, but they all seemed to have design errors. That's pretty bad.

Last edited by dozer : 2nd December 2016 at 16:14.
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Old 2nd December 2016, 18:37   #1932
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So Prestige...
Thanks so much for this, and as depressing as it may sound, there's nothing in your list that's not a part of the problems we face with other top builders. Not that that's any excuse for Prestige though.

Even I've faced some of these issues like badly designed balconies, misaligned corners - with Prestige and others, and I shudder to think that if this is the situation at PSN, one of their supposedly premium and best projects, god knows what corners they've cut in others.

I agree that every flat, irrespective of builder needs a very thorough inspection, as much as we can do before starting to actually live there.

Thanks again.
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Old 5th December 2016, 17:07   #1933
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Hi All! Considering the recent developments, I am interested to get settled in Bangalore. Looking to stay somewhere near Sarjapur Road or near EC. My office is in embassy tech village. I am also having a crazy thought of settling down in Hosur as my friend said I can get a good individual house for ₹30 lakhs. What are your suggestions and thoughts?
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Old 5th December 2016, 19:03   #1934
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Try VBHC Serene Town in Kannamangala, Whitefield. Quality is top notch!
I was on-site when VBHC started off in Anekal and saw their initial construction. They had tied up with some US company for pre-fab concrete structures and quality was top notch. I didn't buy then as room sizes were small, however I do wish I did as prices shot up soon after construction.

I thought this one in Kannamangala was a co-branded one, but I guess the quality is still high. By the way, it is nowhere near Whitefield. I wonder how the PRR is coming along in those parts.

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Hi All! Considering the recent developments, I am interested to get settled in Bangalore. Looking to stay somewhere near Sarjapur Road or near EC. My office is in embassy tech village. I am also having a crazy thought of settling down in Hosur as my friend said I can get a good individual house for ₹30 lakhs. What are your suggestions and thoughts?
I first thought Embassy Tech Village was in EC, but Google Maps shows it as ORR. So that would be one long drive from EC and even longer from Hosur considering that apart from the additional distance, you will also be stuck in the Toll Plaza at Atibele on your way in and out.

If you are hell-bent on the long commute, I will let you in on a secret. From Anekal, there is another Hosur Road that goes round via the TVS Factory to Hosur. In certain places along this road, one side is Karnataka and the other side is Tamil Nadu. To reach ORR, you can drive to Anekal and then on to Chandapura and EC or via Jigani to EC, either way you do not hit a Toll Plaza.

You should be able to get land and build a house in those parts for your budget. If you're interested, a few things you should know are: 1) Water (groundwater) and electricity no problem, cell phone connection may be flaky, Internet: What is it?, 2) you will have to come to Anekal for all small essentials, 3) roads do not seem to have much traffic now, but traffic may rise exponentially in future, 4) security may be a concern for solitary womenfolk though I do know some families there who find it safe enough. All in all, this place has a rustic, open feel to it which is hard to get among the cubbyhole-type houses in actual Hosur.
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Old 5th December 2016, 21:41   #1935
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Hi All! Considering the recent developments, I am interested to get settled in Bangalore. Looking to stay somewhere near Sarjapur Road or near EC. My office is in embassy tech village. I am also having a crazy thought of settling down in Hosur as my friend said I can get a good individual house for ₹30 lakhs. What are your suggestions and thoughts?
Personally feel the Hosur idea is not a great one. Of course, definitely will be cheaper than Bangalore, but I think the whole 'Stay at Hosur, work in Bangalore' has not taken off the way it was expected to. In addition, as you would know, during the recent KA-TN tensions, the borders were locked down o a long time. This can continue to happen and you would not want to be caught on the wrong side of it.

Sarjapur Road, Carmelaram area and beyond has a lot of properties. Most are expensive, but as far as I know, most builders in this stretch are sitting on huge unsold inventories and with the demonetization impacts, there may be some good deals out there. You have easy access to Embassy Tech /ORR belt via the Dodddakanahalli-Panathur Road meeting ORR via Ecoworld, Deverabeesanahalli, New Horizon, or at Panathur. Access to Electronic City via Chandapura and Whitefield via Varthur is also not too bad.

On the down side, Sarjapur Road from Wipro to ORR at Iblur is a mess and will get worse once the tech park next to decathlon opens. This in turn will result in increase in traffic in the roads mentioned above. Water availability is a also questionable, but that is true for most parts of Bangalore.
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